萝莉视频

Closing Bell: Saudi main index closes in red at 10,832聽

Closing Bell: Saudi main index closes in red at 10,832聽
The best-performing stock on the main market was Fawaz Abdulaziz Alhokair Co. Shutterstock
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Updated 03 June 2025

Closing Bell: Saudi main index closes in red at 10,832聽

Closing Bell: Saudi main index closes in red at 10,832聽

RIYADH: 萝莉视频鈥檚 Tadawul All Share Index slipped on Tuesday, as it shed 17.66 points, or 0.16 percent, to close at 10,832.43.聽

The total trading turnover of the benchmark index was SR3.55 billion ($946 million), with 123 of the listed stocks advancing and 106 declining.聽聽

The Kingdom鈥檚 parallel market Nomu gained 65.84 points to close at 27,049.84.聽聽

The MSCI Tadawul Index edged down by 0.08 percent to 1,383.41.聽聽

The best-performing stock on the main market was Fawaz Abdulaziz Alhokair Co., with its share price surging by 6.71 percent to SR17.50.聽聽

The share price of Naseej International Trading Co. also rose by 6.14 percent to SR83.聽聽

Saudi Research and Media Group also saw its stock price rising by 5.92 percent to SR150.40.聽聽

Conversely, the share price of United Carton Industries Co., dropped by 3.98 percent to SR41.聽聽

On the announcements front, Meyar Co. said that it received a contract worth SR1.67 million from the Municipality of Unaizah.聽聽

In a Tadawul statement, the company revealed that the agreement includes the supply of curbs stones and interlock tiles to the municipality. It added that there are no related parties involved in the deal.聽聽

The share price of Meyar Co. edged up by 0.93 percent to SR54.聽聽

Dar Almarkabah for Renting Cars Co. said that it signed a chauffeur-driven car rental contract valued at SR6.98 million with Wareed Health Medical Co.聽聽

In a Tadawul statement, the company revealed that the contract period is valid for 24 months, adding that the impact of the deal will be visible in the firm鈥檚 financials during the second quarter of this year.聽聽

The share price of Dar Almarkabah for Renting Cars Co. was unchanged at SR2.47.聽聽


Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn聽

Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn聽
Updated 11 sec ago

Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn聽

Saudi e-commerce sales via Mada cards jump 57% in April to reach $6.2bn聽

RIYADH: 萝莉视频鈥檚 e-commerce sales using Mada cards increased by 57 percent in April compared to the same month last year, hitting SR23.27 billion ($6.2 billion). 

Data by the Saudi Central Bank, also known as SAMA, shows online transactions through Mada exceeded 132 million for the month, up 40.75 percent year on year, reflecting a substantial increase in consumers shopping via websites and mobile apps. 

These figures include purchases made online using linked debit cards and e-wallets, but they do not account for credit card transactions processed through international networks such as Visa or Mastercard. 

Mada, formerly known as Saudi Payment Network, is the Kingdom鈥檚 national electronic payment system, connecting all ATMs and point-of-sale terminals to a central payments switch. 

It enables debit and prepaid card services for millions of Saudis, allowing them to pay both in stores and online using funds directly from bank accounts. Importantly, Mada transactions utilize near-field communication technology for secure, contactless payments, meaning shoppers can simply tap their card or smartphone at terminals for instant checkout. 

This system has become a cornerstone of 萝莉视频鈥檚 push toward a cashless economy, ensuring fast and secure transactions at physical retail locations and on e-commerce platforms. The accelerating uptake of Mada-enabled digital payments highlights growing consumer trust in online shopping and the success of national efforts to modernize the payments ecosystem. 

In-store sales plateau as online spending soars 

Despite the e-commerce boom, in-store point-of-sale transactions showed contrasting trends in April. The total value of POS purchases at physical retail outlets slipped to SR52.22 billion, marking a 1.38 percent decline year on year according to SAMA data. 

This slight drop in sales comes even as the number of POS transactions climbed by around 11.6 percent to 891.5 million over the same period. In other words, Saudi consumers made significantly more card payments in person than a year ago, but were spending slightly less per transaction on average. 

SAMA鈥檚 figures indicate over 2 million POS terminals are now deployed nationwide to facilitate card payments 鈥 a network 16.37 percent larger than a year ago, reflecting the Kingdom鈥檚 drive to expand electronic payment acceptance among businesses large and small. 

This divergence 鈥 higher transaction counts but lower total POS value 鈥 suggests a behavioral shift as digital payments become frequent for everyday purchases. With contactless 鈥渢ap-and-go鈥 cards and mobile wallets now the norm, consumers are using cards for smaller, frequent buys like groceries or coffee. 

This has driven up transaction volumes while curbing the average ticket size of each sale. Indeed, nearly all card swipes are now contactless; about 94 percent of in-store card transactions in 萝莉视频 are made via NFC, whether through a physical card, smartphone, or smartwatch, according to SAMA. 

The convenience of tap-to-pay has encouraged people to rely less on cash even for low-value items, contributing to the surge in POS transaction counts. 

Another factor influencing the year-on-year comparison is the timing of Ramadan and Eid shopping. In 2024, the holy month of Ramadan and the Eid Al-Fitr festival fell largely in April, boosting retail spending in that period. 

In contrast, Ramadan in 2025 fell mainly in March, pushing POS sales to about SR66 billion that month. As a result, April 2025 didn鈥檛 see the same holiday-related boost, which likely played a role in the softer in-store sales figures, even though the overall trend in electronic transactions continues to grow. 

Categories like food & beverages and dining 鈥 which according to SAMA data were the top two POS spending sectors in April at around SR7.7 billion each 鈥 continue to dominate physical sale, but their growth may have been tempered without the late-Ramadan rush present a year ago. 

Fintech innovation 

The growth is also being fueled by new services and partnerships. In April, SAMA signed an agreement with Google to launch Google Pay in 萝莉视频 using Mada鈥檚 payment infrastructure.

Expected to roll out later in 2025, this integration will allow users to add their Mada-linked debit cards to Google Wallet for seamless tap-to-phone payments and online purchases, further expanding the mobile payment options available to consumers. 

This follows earlier introductions of Apple Pay and local mobile wallets, meaning Saudi shoppers will soon have a full suite of global and domestic smartphone payment apps at their disposal. 

Such developments not only offer greater convenience but also help normalize cashless spending across all demographics 鈥 including younger, tech-savvy consumers who favor using their phones and wearables to pay. 


Egypt seeking FDI boost with tourism sector investment opportunities

Egypt seeking FDI boost with tourism sector investment opportunities
Updated 33 min 13 sec ago

Egypt seeking FDI boost with tourism sector investment opportunities

Egypt seeking FDI boost with tourism sector investment opportunities
  • Tourism minister announced formation of unit to monitor investment prospects
  • He presented targeted investments in antiquities preservation and restoration

RIYADH: Egypt is intensifying efforts to attract foreign direct investment by opening new opportunities in its tourism and archaeological sectors, Prime Minister Mostafa Madbouly said during a high-level strategy meeting.

The gathering, which took place at the government headquarters in the New Administrative Capital, aimed at following up on the efforts of the Ministries of Tourism and Investment, according to a statement published on the Cabinet鈥檚 official Facebook page.

This aligns with Egypt鈥檚 goal of attracting 30 million tourists annually by 2028, aiming for a 25 percent to 30 percent year-over-year increase in inbound tourism as part of the nation鈥檚 Vision 2030 for sustainable development.

鈥淭he government is working to formulate clear plans with specific targets to offer investment opportunities in various sectors, contributing to increasing foreign direct investment,鈥 Madbouly said during the meeting.

Egyptian Prime Minister Mostafa Madbouly held a high-level strategy meeting at the government headquarters in the New Administrative Capital. Facebook/Presidency of the Egyptian Council of Ministers

During the assembly, Minister of Tourism Sherif Fathy announced the formation of a dedicated unit to monitor investment prospects. The initiative aims to establish an 鈥渋nvestment opportunities bank鈥 that will showcase available projects in the tourism sector, supporting the country鈥檚 efforts to meet its growth targets.

The statement said: 鈥淚n a related context, the Minister explained that 2024 witnessed an increase in hotel capacity of 7,200 additional rooms 鈥 55 percent of which are new capacity, and during the current year 2025, it is expected to add approximately 19,000 new hotel rooms 鈥 new projects, expansions of existing projects, and initiatives.鈥

During the gathering, Fathy also presented the targeted investments in the field of antiquities preservation and restoration, noting that the Supreme Council of Antiquities has implemented an average of 36 projects annually over the past five years.

The minister then outlined the targeted investment distribution for the tourism and antiquities sectors from 2025 to 2031 across various governorates. 

The plan includes developing hotel rooms, restaurants, safaris, camps, and amusement parks. It also focuses on investing in the rehabilitation and utilization of archaeological sites, establishing museums in partnership with the private sector, and enhancing services at heritage locations.

During the meeting, Investment and Foreign Trade Minister Hassan El-Khatib noted that the implementation timeline includes holding bilateral coordination meetings between the his department and the relevant ministries to present the strengths of each sector, available investment opportunities, proposed projects, and the challenges facing attracting investment.

He also stated that each ministry will conduct a comprehensive sectoral study, form joint working groups between the Ministry of Investment and Foreign Trade and each relevant ministry, and submit periodic reports to the Cabinet to monitor progress in implementing the sectoral investment strategy and achievement rates.


FY26 budget: Markets rally, analysts welcome fiscal plan, business chambers voice mixed views

FY26 budget: Markets rally, analysts welcome fiscal plan, business chambers voice mixed views
Updated 11 June 2025

FY26 budget: Markets rally, analysts welcome fiscal plan, business chambers voice mixed views

FY26 budget: Markets rally, analysts welcome fiscal plan, business chambers voice mixed views
  • Experts broadly welcomed Pakistan鈥檚 budget for 2025-26 as 鈥渂alanced鈥 attempt at fiscal consolidation and economic stimulus
  • Business unions say budget won鈥檛 spur industrialization or export growth without structural reforms and reduction in energy costs

KARACHI: Analysts, investors and key business chambers on Wednesday broadly welcomed Pakistan鈥檚 federal budget for 2025-26 as a 鈥渂alanced鈥 attempt at fiscal consolidation and economic stimulus, though they raised concerns about the achievability of the government鈥檚 ambitious growth target of 4.2 percent and heavy reliance on existing taxpayers.

Presenting the federal budget on Tuesday, the government announced a range of tax reforms, spending priorities, and incentives aimed at maintaining its ongoing $7 billion International Monetary Fund (IMF) loan program while also trying to revive investor sentiment and ease pressure on the salaried class.

鈥淭he budget announced by the government yesterday [Tuesday] was pretty much in line with what we were expecting, a balanced budget,鈥 said Sana Tawfik, head of research at Arif Habib Ltd, a major Pakistani financial services company.

鈥淭he government tried to ensure that the reforms being undertaken currently are on track and Pakistan continues with the fiscal consolidation phase.鈥

Tawfik was pointing to several key ongoing fiscal and structural reforms that align with Pakistan鈥檚 commitments under the IMF program and broader efforts to stabilize the economy.

These include fiscal consolidation through broadening the tax base, rationalizing subsidies, and phasing out tax exemptions; revenue mobilization though increased taxation on interest income, a phased reduction in the super tax and the removal of certain tax exemptions to improve revenue collection; and debt rationalization by managing debt servicing costs, likely by shifting to more concessional financing and restructuring high-cost debt.

While presenting the budget, the government also maintained it would continue its focus on providing relief to the salaried class and try to strike a balance between austerity with social protections.

This handout photograph taken on June 10, 2025, and released by Pakistan's National Assembly shows Finance Minister Muhammad Aurangzeb presenting the 2025鈥26 fiscal budget at the Parliament House in Islamabad. (AFP)

Tawfik agreed that the government had attempted to strike such a balance between providing relief and raising revenue, citing relief measures for the salaried class in the budget and the phased reduction in super tax.

鈥淭he government tried to make sure that we continue with the reforms that we have undertaken in the recent past, while ensuring that we meet the targets set for the upcoming fiscal year,鈥 Tawfik said.

UNREALISTIC GROWTH TARGET?

However, Tawfik was skeptical of the government鈥檚 4.2 percent GDP growth target, calling it 鈥渦nrealistic鈥 in the current economic context.

鈥淎griculture has been underperforming, and industries have not been performing due to the high cost of doing business. While we have seen interest rates coming down, agriculture would be the key sector to look forward to,鈥 she said.

Arif Habib Ltd. has forecast GDP growth of around 3.6 percent for FY26, below the government鈥檚 target.

Tawfik also noted that while the government had projected inflation at 7.5 percent, her team expected it to be slightly lower, around 6 percent to 6.5 percent, although risks remained from global commodity prices, exchange rate pressures and the fading base effect.

She also flagged a projected current account deficit for FY26, in contrast to a surplus of $1.5 billion expected this fiscal year, citing pent-up demand and increased imports.

Muhammad Waqas Ghani, head of research at JS Global Capital Ltd., echoed the sentiment that the budget was more 鈥渕easured鈥 compared to previous years.

鈥淚n the last two years, we鈥檝e seen very strict budgets. This time, the government has been a little lenient. We鈥檝e seen reform measures but also some relaxations,鈥 Ghani said.

He pointed to tax relief for the salaried class and incentives for the construction sector, though he noted that the Public Sector Development Programme (PSDP) allocation had decreased.

Corporate employees watching television screens as Pakistan Finance Minister Muhammad Aurangzeb presents Pakistan鈥檚 $62 billion federal budget for fiscal year 2025鈥26, in Islamabad on June 10, 2025. (APP)

鈥淭here are many allied industries that benefit when we see measures taken for construction,鈥 he said, while noting a less favorable outcome for the auto sector.

Ghani acknowledged the government鈥檚 target of a 2.4 percent primary surplus as 鈥渙ptimistic,鈥 but achievable, and described the overall budget as 鈥渓aying the groundwork鈥 for sustained economic growth.

On the 4.2 percent GDP target, he noted:

鈥淚t鈥檚 an optimistic target鈥 but with interest rates coming down, we hopefully will see contribution from [agriculture and industrial] segments, and we can get closer to the target.鈥

STRONG SUPPORT FROM EQUITY MARKETS

While the budget drew applause for investor-friendly policies and efforts toward macroeconomic stability, analysts cautioned that delivery on ambitious fiscal and growth targets remained key to sustaining momentum.

The stock market, however, responded positively from the opening bell.

鈥淎s soon as the market started today [Wednesday], it rallied close to 1,400 points,鈥 Ghani said.

鈥淲e are in an IMF program and we鈥檙e seeing a decent budget this time. All of these things point to the fact that the market is going to reach new heights in the coming months.鈥

Indeed, despite macroeconomic challenges, the budget drew strong support from equity markets.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

鈥淢easures we have seen so far are broadly positive for the stock market,鈥 said Tawfik. 鈥淭he government kept capital gains tax and dividend income tax unchanged, which the market had feared would be increased.鈥

Sector-specific measures were seen as favorable for cement, steel, and textile sectors, particularly with subsidies for low-cost housing and removal of sales tax exemptions for certain regions, which levels the playing field for local manufacturers.

鈥淚ntraday today, market has gone north of 124,000 points, and we have seen an intraday surge of 2,000 points,鈥 Tawfik said.

DIVIDED BUSINESS COMMUNITY

The reaction from Pakistan鈥檚 business chambers, however, was more mixed.

Both the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), and the Karachi Chamber of Commerce and Industry (KCCI), warned that unless structural reforms were implemented and energy costs reduced, the budget may not succeed in spurring industrialization or export growth.

The FPCCI welcomed certain relief measures, particularly for the salaried class and property sector, but flagged concerns about revenue expectations.

鈥淲e welcome steps to end harassment of taxpayers,鈥 said Atif Ikram Sheikh, President FPCCI, noting the simplified tax return form as a positive step.

However, he added: 鈥淭he increase in tax collection target by Rs2,500 billion ($8.8 billion) is unrealistic.鈥

The FPCCI also expressed disappointment over the absence of support packages for key sectors such as IT, minerals, fishing, and e-commerce.

People walk past the Karachi Chamber of Commerce & Industry building in Karachi on May 4, 2024. (AN Photo/File)

The KCCI, by contrast, issued a harsh critique of the budget, calling it disconnected from ground realities.

鈥淭his is a camouflage budget,鈥 said Zubair Motiwala, Chairman of the Businessmen Group (BMG) at KCCI. 鈥淭here is no meaningful relief for the business community or the common man. Instead of reforms to expand the tax base, the government is squeezing existing taxpayers.鈥

KCCI President Muhammad Jawed Bilwani added:

鈥淓lectricity bills are unaffordable, interest rates are high, and there鈥檚 no relief for the industrial sector. Without addressing the cost of doing business, you cannot expect growth or job creation.鈥


In post-budget press conference, Pakistan finmin says tariff reforms key to export-led growth

In post-budget press conference, Pakistan finmin says tariff reforms key to export-led growth
Updated 11 June 2025

In post-budget press conference, Pakistan finmin says tariff reforms key to export-led growth

In post-budget press conference, Pakistan finmin says tariff reforms key to export-led growth
  • Muhammad Aurangzeb calls the tariff overhaul a major reform not seen in over 30 years
  • He says Pakistan needed to take such steps if it wanted to have an export-led economy

KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Wednesday underscored the significance of sweeping tariff reforms built into the federal budget, calling them a structural economic shift aimed at making exports more competitive and lowering the cost of importing raw materials to support export-led growth.

The minister highlighted the development during a post-budget press conference after presenting the finance bill in the National Assembly a day earlier. The proposed federal budget for FY2025-26 includes a total outlay of Rs17.57 trillion ($62 billion), while promising a 4.2% growth target and a reduction in the fiscal deficit to 3.9% of GDP.

Aurangzeb told journalists in Islamabad the government had removed additional customs duties on 4,000 out of 7,000 total tariff lines and reduced base customs duties on 2,700 tariff lines. Of these, 2,000 tariff lines are directly linked to raw materials and intermediate goods used by exporters.

鈥淭his is a big reform that has not been done over the last 30 years,鈥 he said, adding the objective was to lower production costs for exporters and enable them to better compete in international markets.

鈥淲e are going to fundamentally change the DNA of the economy so that when we go toward growth, we don鈥檛 get into a dollar situation, we don鈥檛 get into a balance of payments problem,鈥 he said. 鈥淲e can continue to grow at a certain pace, which is export-led.鈥

Defending the reforms against criticism that they may lower revenue, the minister argued the long-term gains for the export sector outweigh short-term fiscal concerns.

鈥淚f we want an export-led economy, these are the steps we must take,鈥 he added.

Aurangzeb also emphasized new legislation and enforcement tools, saying they were going to be key in plugging leaks and ensuring compliance.

鈥淲e have laws and taxes,鈥 he said, 鈥渂ut without enforcement, they don鈥檛 work 鈥 and that鈥檚 what we鈥檙e focused on this year.鈥


Egypt allocates Red Sea land for issuing bonds and lowering debt

Egypt allocates Red Sea land for issuing bonds and lowering debt
Updated 11 June 2025

Egypt allocates Red Sea land for issuing bonds and lowering debt

Egypt allocates Red Sea land for issuing bonds and lowering debt
  • 174 square km plot allocated on Red Sea coast to finance ministry

CAIRO: Egypt has allocated a 174 square km plot on the Red Sea coast to the finance ministry for use in Islamic bond issuances and in efforts to lower the country鈥檚 public debt, the official gazette said on Tuesday.
The gazette did not elaborate on how the land would be used, but Egypt, which has been mired in a slow-burning economic crisis, signed a $35 billion deal with the UAE early last year to develop a 170-square-km tract along the Mediterranean coast.
Since then, Egypt has been seeking similar large-scale investments as it tries to overcome the economic crisis.
It has been in talks with 萝莉视频, Qatar, and Kuwait in a bid to attract major investments, according to investment bankers and news reports.
In tandem, Egypt also plans to issue $2 billion in sukuks, or Islamic bonds, in 2025, Finance Minister Ahmed Kouchouk told Reuters in April.